Refer to Exhibit 6-1. Prices rose by __________ percent from Year 4 to Year 5.
a. 3.90
b. 3.75
c. 4.30
d. 5.90
Answer: a. 3.90
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An upward shift in the Fed's reaction function is equivalent to:
A. an increase in the Fed's long-term target for inflation. B. a decline in the Fed's long-term target for inflation. C. a downward shift of short-run aggregate supply D. an upward shift of short-run aggregate supply
Is the CPI a biased measure of the inflation rate? Explain your answer
What will be an ideal response?
Summarize the three conditions cited in the text under which a cartel is most likely to succeed. Of these three, which do you think is most important? Why?
What will be an ideal response?
Perfect price discrimination
a. increases profits to the firm. b. increases total surplus. c. decreases consumer surplus. d. All of the above are correct.